How can Xero reporting help your business?

Getting your head around your business accounts can be difficult, time consuming and often overwhelming.  At Turas Accountants in Telford, we recommend Xero to all of our clients as it is simple to use, reasonably priced, and has so many features that are great for any business owner. 

Excellent Reporting Functions

The Xero software allows you to view up to date financial and accounting reports with just a click of a button. You can view and share a whole range of interactive reports whenever you need, with the ability to choose the date range. There is the ability to ‘favourite’ reports too, for easy access at a later time. 

Your reports are fully customisable, with the ability to build your report to reflect your KPIs and other critical pieces of information relevant to your business. You are able to do the following:

Daily Reconciliations

How often are you currently running reconciliations? Xero makes it so much easier to run reconciliations, you could even do it daily if you wanted to. The data Xero uses is always the very latest, meaning you are able to be kept in the loop with real-time reports. You are able to see how your business is performing and where it’s heading with ease, and can share this with your accountant. 

Making Tax Digital (MTD) Ready

You will have heard of Making Tax Digital by now, but have you taken the relevant steps yet to make sure your business is compliant? If you are a VAT registered business, you should have already registered for Making Tax Digital. However, if you aren’t, now is your reminder to get it sorted as soon as possible. Xero is a very useful tool in the process of switching over – it does the majority of calculations for you!

Profit and Loss Report

The profit and loss report is a very useful status report on what you’ve turned over, what it cost you and your administration costs. This then gives you your profit for the given period. Xero can show this as the current year for an overview of how you’re doing, your current quarter, or even the current month.

Generate Your Balance Sheet

Your balance sheet is basically an overview of your business and how it is going. It shows your company’s worth, assets, liabilities and your equity balance. Just like any report on Xero, you can customise the fields and date range – great for comparing year on year or month on month progress. 

At Turas Accountants, our team of experience accountants are on hand to help and support you in whichever aspect and level you require. From annual tax return assistance, to weekly bookkeeping and payroll, we have packages to suit all businesses. 

Contact us here to find out more.